golden parachute

An employment-contract provision that grants an upper-level executive lucrative severance benefits — including long-term salary guarantees or bonuses — if control of the company changes hands (as by a merger). Cf. TIN PARACHUTE. [Cases: Corporations 308(3). C.J.S. Corporations §§ 532–533, 536.]

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词条贡献者

资深译员筠怡，国际知名法学院民商法专业，专注翻译各种与商业和侵权诉讼有关的法律文件。